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Showing posts from March, 2010

Bank Branch Auditors List- RBI

List of Branch Statutory Auditors recommended for appointment by RBI for the year 2009-10. - (31-03-2010)Members are hereby advised (i) not to make telephonic/e-mail enquiries at the offices of Reserve Bank of India and (ii) in case any error creeps in during data transfer or otherwise, the records available with Reserve Bank of India would be final.

Further, as informed by RBI, "during the year 2009-10, the following 15 PSBs have exercised managerial autonomy in regard to selection and appointment of SBAs, viz. State Bank of India, Allahabad Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, Syndicate Bank, UCO Bank , Union Bank of India, Punjab & Sind Bank and Andhra Bank.

The names of audit firms recommended by these 15 banks and approved by RBI and the names of auditors forwarded by RBI to the 11 PSBs which have not opted for managerial autonomy for the year 200…

KYC Guidelines-Proprietary Concern

Date: Mar 26, 2010Know your Customer (KYC) guidelines - accounts of proprietary concerns RBI/2009-10/362
DBOD.AML.BC.No.80/14.01.001/2009-10March 26, 2010The Chairmen and Chief Executive OfficersAll Scheduled Commercial Banks excluding RRBs/
All India Financial Institutions/Local Area BanksDear Sir, Know your Customer (KYC) guidelines - accounts of proprietary concernsA reference is invited to Para 2.4(a) of the Master Circular on KYC/AML/CFT/Obligation of banks under Prevention of Money laundering Act (PMLA), 2002 issued to banks vide DBOD.AML.BC.No.2/14.01.001/2009-10 dated July 1, 2009. It has been advised to banks that internal guidelines for customer identification procedure of legal entities may be framed by them based on their experience of dealing with such entities, normal bankers' prudence and the legal requirements as per established practices. If the bank decides to accept such accounts in terms of the Customer Acceptance Policy, the bank should take reasonable measures …

Materials on Bank Branch Audit for 2009-10 [1 Attachment]

[Attachment(s) from Ashwin Nagar included below]Click attachment link below __._,_.___ Attachment(s) from Ashwin Nagar1 of 1 File(s) REFERENCE

Bank Audit Engagement Letter- Word Format

Bank Audit Engagement Letter as suggeste by ICAI in Word Format-see attachment


The Branch Manager,Dt./03/2010Dear Sir,Sub: Audit of accounts of your Branch for the year 2009-10 – Audit Engagement /Management Representations.***You have already been informed by your Management, that we have been appointed as the auditors to audit and report on the accounts of the Branch for the year 2009-10.We have accepted the appointment, and we confirm that the audit shall be carried out in accordance with the applicable legal provisions and the regulatory requirements, besides the applicable authoritative pronouncements of the Institute of Chartered Accountants of India, with the objective of expressing an opinion on the Branch financial statements. For this purpose we will perform sufficient tests to obtain reasonable assurance as to whether the information contained in the accounting records and other source data is reliable and sufficient as the basis of the preparation of the financial statement…

RBI issues Revised Guidelines on Uniform Accounting for Repo/Reverse Repo Transactions

Date : 23 Mar 2010 RBI issues Revised Guidelines on Uniform Accounting for Repo/Reverse Repo TransactionsThe Reserve Bank of India had today issued revised guidelines on Uniform Accounting for Repo/Reverse Repo Transactions.  The guidelines replace the guidelines issued in March 2003 which treated 'repo' as a combination of two independent sale/purchase transactions as per the legal provisions prevailing then. The accounting norms now propose to capture the economic essence of 'repo' as a collateralised lending/ borrowing transaction that is structured as a legal sale / purchase of securities as recognised by the RBI (Amendment) Act, 2006. The revision in the accounting norms would bring such transactions on to the balance sheet of the repo participants in its true economic sense, thus enhancing transparency.The salient features of the revised guidelines are:The revised accounting guidelines will apply to market repo transactions in government securities and corporate …

Web based registration of Chartered Accountant firms for empanelment for Concurrent Audit assignment for the year 2010 - 11

Dear sir,                                                                                                    Ref : Webbased registration of Chartered Accountant firms for empanelment for Concurrent Audit assignment for the year 2010 - 11 We have pleasure in informing you that our Bank has invited online applications for empanelment for Concurrent Audit assignment for the year 2010 - 11. The registration for the same will be open on our website www.denabank.com from 25.03.10 to 15.04.10. The details of the same are available on our website .This is for your information. Dy. General Manager
Inspection and Internal Audit Department,
4th floor, 17, Horniman Circle, Fort,
Mumbai -23

Reference Material on Bank Audit [1 Attachment]

[Attachment(s) from Ashwin Nagar included below] Dear Members,

Members are requested to please see the Reference Material on Bank Branch Audit (2009 - 2010) available on the Institute Website at http://www.icai.org/resource_file/18440ebookrmba.pdf

Regards,

Committee on Capacity Building of CA Firms
The Institute of Chartered Accountants of India

Click the attachement beolw to open it __._,_.___ Attachment(s) from Ashwin Nagar1 of 1 File(s) Bank

Reference Material on Bank Audit

Dear Sir,

Members are requested to please see the Reference Material on Bank Branch Audit (2009 - 2010) available on the Institute Website at http://www.icai.org/resource_file/18440ebookrmba.pdf

Regards,

Committee on Capacity Building of CA Firms
The Institute of Chartered Accountants of India

--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
          +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

Additional Diclosures in Notes on Accounts ofBanks

To obtain an aligned printout please download the (36 kb) version to your machine and then use respective software to print the story.Date: Mar 15, 2010Additional Disclosures by banks in Notes to Accounts RBI/2009-10/347
DBOD.BP.BC.No. 79 /21.04.018/2009-10 March 15, 2010The Chairmen/Chief Executives of
All Commercial Banks
(excluding RRBs) Dear Sir,Additional Disclosures by banks in Notes to AccountsThe Reserve Bank has been taking several steps from time to time to enhance the transparency in the operations of banks by stipulating comprehensive disclosures in tune with the international best practices.On a review of the existing disclosures, it has been decided to prescribe the following additional disclosures in the 'Notes to Accounts' in the banks' balance sheets, from the year ending March 2010:Concentration of Deposits, Advances, Exposures   and  NPAs Sector-wise NPAs Movement of NPAs Overseas assets, NPAs and revenue Off-balance sheet SPVs sponsored by banks The …

Provisioning Requirement for Standard Assets

RBI/2009-10/337
RPCD.RRB.No.BC. 61/ 03.05.34/2009-10 March 4, 2010All Regional Rural BanksDear Sir,Provisioning Requirement for Standard AssetsPlease refer to paragraph 2 of our circular RPCD.RRB.No.BC.97/03.05.34/2000-01 dated June 11, 2001 regarding provisioning requirements for 'standard assets'.2. In this connection, a reference is invited to paragraph 158 of the Second Quarter Review of Monetary Policy for the year 2009-10 announced on October 27, 2009 (copy enclosed). It was proposed to increase the provisioning requirement for advances to the Commercial Real Estate (CRE) sector classified as 'standard assets' to 1.00 per cent with a view to building cushion against likely non-performing assets (NPAs). Accordingly, it has been decided to increase the provisioning requirement for advances to the CRE Sector classified as 'standard asset' to 1%. As regards other standard assets, it has been decided that while the provisioning requirements for direct advances …

IndianCAs: Some Important Laws Which Newton Forgot to State:::

Form 68 - Rectification of Mistakes- ROC

Companies (Central Government's) General Rules and Forms (Second Amendment), 2010 - Insertion of rul...Companies (Central Government's) General Rules and Forms (Second Amendment), 2010 - Insertion of rule 20G(1) and Form No. 68Notification No. G.S.R. 177(E), dated 5-3-2010In exercise of the powers conferred by sub-section (1) of Section 642 read with sub-section (1) of 61OB of the Companies Act, 1956, the Central Government hereby makes the following rules further to amend the Companies (Central Government's) General Rules and Forms, 1956, namely:—1.(1) These rules may be called the Companies (Central Government's) General Rules and Forms (Second Amendment), 2010.(2)They shall come into force with effect from the 14th day of March, 2010.2.In the Companies (Central Government's) General Rules and Forms, 1956, hereinafter referred to as the said rules,(i)after Rule 20F, the following rule shall be inserted, namely :—"20G(1) An application for rectification of mi…

IndianCAs: India Budget: Sundry Debtors and share of Pakistan

India Budget: Sundry Debtors and share of Pakistan THERE is one item consistent and uniform in all Union Budgets from 1950. If you look at the Annexure-3 to the Receipts Budget of India, 2010-11, you will find certain interesting figures. India ' s debt by the end of March 2011 is expected to be nearly 40 Lakh Crores. As per the Statement of the Liabilities of the central Government, the Total Liabilities are Rs. 39,44,598 Crores. From this an amount of Rs. 300 crores is deducted and the net liability is shown as Rs. 39,44,298 Crores. What is this amount of Rs. 300 Crores? This is supposed to be “Amount due from Pakistan on account of share of Pre-partition debt (Approx)â€�. This same amount had been shown consistently in all our budgets since 1950. In 1950-51, when our total liability was Rs. 2865 Crores, this 300 Crores was deducted to arrive at Rs. 2565 Crores. That is the dues from Pakistan constituted slightly more than 10 percent of our debts. Ten percent of the present lia…

CBEC On Appeals

Powers of Commissioner (Appeals) to remand casesInstructions F.No. 275/34/2006-CX.8A dated 18-2-2010Section 35A(3) of the Central Excise Act, 1944 / Section 128A(3) of the Customs Act, 1962 as it existed before 11.5.2001 provided that Commissioner (Appeals) shall, after making such further enquiry as may be necessary, pass such order, as he thinks just and proper, confirming, modifying or annulling decision or order appealed against or may refer the case back to the adjudicating authority with such direction as he may think fit for a fresh adjudication or decision as the case may be, after taking additional evidence, if necessary.2. An amendment was brought out in the aforesaid sections vide Finance Act, 2001 w.e.f. 11.5.2001 deleting the phrase as mentioned in bold above with an intention to withdraw the powers to Commissioner (Appeals) to remand the cases for fresh adjudication to the original adjudication authorities.After the amendment in 2001, the said Sections read as follows:-&…

CBDT Instructions on Processing of IT Returns

Processing of returns of A.Y. 2008-09 - Steps to clear the backlogInstruction No. 1/2010, dated 25-2-2010The issue of processing of I.T. returns for the A.Y. 2008-09 and giving credit for TDS has recently been considered by the Board and following decisions have been taken, in order to clear the backlog of returns pending for processing:i)In all the returns filed in ITR-1 and ITR-2 for the A. Y. 2008-09, where the aggregate TDS claim does not exceed Rs four lakh and where the refund computed does not exceed Rs.25,000; the TDS claim of the tax payer concerned should be accepted at the time of processing of return. ii)In all the returns filed in forms other than ITR-1 and ITR-2 for the A. Y. 2008-09, where the aggregate TDS claim does not exceed Rs four lakh and the refund computed does not exceed Rs.25,000, and there is 70% matching of TDS amount claimed, the TDS claim of the tax payer concerned should be accepted at the time of processing of return. iii)In all remaining cases, TDS cre…

IndianCAs: Chartered Accountant top salary zooms to Rs 70 lakh

Chartered Accountant top salary zooms to Rs 70 lakh
6 Mar 2010, 2032 hrs IST, Bhargav Trivedi, ET Bureau
http://economictimes.indiatimes.com/articleshow/5652192.cms?prtpage=1


AHMEDABAD: Creating a record in its placement history, the Institute of Chartered Accountants of India (ICAI) has placed three of its candidates at
a record salary of close to Rs 70 lakh with Singapore-based Olam International. This is the highest ever salary offered to fresh CAs recruited from the ICAI campus, the apex body that conducts the CA examination and places the successful candidates every year. Earlier, a record salary of Rs 38.25 lakh was offered in 2007.

The three candidates who have been offered the record salary, almost double the earlier high, were picked by the agriculture supply chain major from ICAI's Chennai campus. Olam plans to hire around 8 candidates from ICAI.

ICAI started its first phase of placements through five (all metros) out of 15 campuses on March 4. The first day itself saw 320…